Evergrande’s Chairman Hui Ka Yan was forced to sell pledged shares in the company after the developer was labelled a defaulter as per Bloomberg citing disclosures at the HKEX. While the transaction value was not disclosed, he sold 277.8mn shares to bring his stake to 59.78% from 61.88%. However, based on Friday, the shares were worth $63mn. According to the filing, “Steps have been taken to enforce a security interest in the shares, or rights to such shares held as security against” Hui.
Evergrande’s dollar bonds were stable, trading at roughly 20 cents on the dollar.
For the full story, click here
